Married Women Property Act-360 Degree Protection By.Pradeep Patil

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19) CANCELLATION OF A PREVIOUS POLICY AND CONVERTING THE SAME INTO MWP ACT POLICY IN LIEU OF FORMER ONE _ It is possible to cancel the existing policy not issued under the provisions of the act and in its place issue a fresh policy under the MWP act. Before cancellation of an existing policy and issue of a fresh one in lieu thereof under MWP act, the assured must be asked to cancel the nomination under the existing policy or if the policy has been assigned, then reassignment should be asked for. Both cancellation of nomination or reassignment in favour of life assured should be registered in the books of our office. However, such request for alteration in policy for cancellation of old policy and issue of new under MWP act in lieu of old one cannot be entertained indiscriminately or as a routine matter of course. Such requests may be entertained only on the need for such alterations. One such need may be life assured may have been bachelor at the time of issue of policy but later on he may get married within a period of say 3 to 4 years Or policy taken under CDA plan and the life assured get married within 3 to 4 years from date of vesting. The restriction of period of not more than 3 or 4 years from date of commencement of policy or a similar period of 3 to 4 years from date of vesting and genuineness of need for alteration should always be kept in view. However, as per co/mktg/cs/ 327/23 dt 11/2/1991, this restriction has been removed and alteration will be allowed where the genuiness of the proposed alteration is satisfied. If competent authority allows for alteration then requirements will be 1) A form of request for cancellation of the existing policy and issue of a fresh policy in lieu thereof Under MWP act duly completed by him, F. no 5256. 2) Payment of usual alteration fee, policy preparation charges and stamp duty for new policy. 3) Standard forms of addendum 4) Endorsement as per f. no 5258 to be placed on new policy. LIST OF FORMS TO BE USED UNDER MWP ACT POLICIES FORM NO BRIEF DESCRIPTION OF FORM Addendum no-1 To be given at proposal One beneficiary and joint trustee Endorsement no 23 On policy document This endorsement to be used when addendum no – 1 is used. Addendum no- 1 ATo be given at proposal One beneficiary and one trustee Endorsement no 23- A On policy document this endorsement to be used when addendum no – 1- A is used. Addendum no-2 To be given at proposal One beneficiary , trustee and alternate trustee Endorsement no 24 On policy document This endorsement to be used when addendum no – 2 is Used. Addendum no-3 To be given at proposal Two or more beneficiaries and joint trustee Endorsement no 25 On policy document This endorsement to be used when addendum no – 3 is used. Addendum no-4 To be given at proposal Two or more beneficiaries, trustee and alternative trustees Endorsement no 26 On policy document This endorsement to be used when addendum no – 4 is used. Addendum no-5 To be given at proposal Two or more beneficiaries with specified shares and joint trustee Endorsement no 27 On policy document This endorsement to be used when addendum no – 5 is used. Addendum no-6 To be given at proposal Two or more beneficiaries with specified shares and trustee with alternative trustee Endorsement no 28 On policy document This endorsement to be used when addendum no – 6 is used. Addendum no-7 To be given at proposal One beneficiary with bank or company as special trustee. Endorsement no 34 On policy document This endorsement to be used when addendum no –7 is Used. Addendum no-8 To be given at proposal Two or more beneficiaries‘ joint or survivor with a bank or company as trustee. Endorsement no 35 On policy document This endorsement to be used when addendum no – 8 is used. Addendum no-9 To be given at proposal Two or more beneficiaries‘ with specified shares and a bank or company as trustee. Endorsement no 37 On policy document if addendum used is of 7, 8, 9 and state bank of India as trustees Endorsement no 38 on policy document If addendum used is of 7, 8, 9 and Bank of India as trustees no 40 on policy document If addendum used is of 7, 8, 9 and Central bank as trustees Endorsement no 59 on policy document If addendum used is of 7, 8, 9 and Canara bank as trustees Endorsement no 77 on policy document
If addendum used is of 7, 8, 9 and united commercial bank as trustees Endorsement no 78 on policy document If addendum used is of 7, 8, 9 and syndicate Bank as trustees 5244 To be given by life assured and beneficiaries Form of deed poll of appointment of special trustees after issue of policy – trustee may be single, jointly or survivor and alternate trustee. 5245 On policy document Endorsement for F. no 5244 for placing endorsement after appointment of special trustee. 5246 To be completed by life assured and beneficiaries Form of deed poll of revocation of existing trustees and appointment of special trustees 5247 On policy document Endorsement for F. no 5246 for revocation of existing trustees and appointment of special trustees 5248 To be completed by life assured and beneficiaries Form of deed poll for granting of extended powers to existing trustees to raise loan. 5249 On policy document Form of endorsement for F. no- 5248 for extending powers to existing trustees to raise loan. 5250 On policy document Form of assignment by existing beneficiary to another beneficiary for transferring beneficial interest in the trust. 5251 By all beneficiaries and life assured Declaration by the life assured and the beneficiaries for Granting loan under the policy where trustees have not been appointed 5252 By all beneficiaries and life assured Deed poll for change in existing beneficiaries 5253 On policy document Endorsement for f. no 5252 to be placed after effecting change in beneficiary/ies. 5254 By life assured and trustees Form of joint letter by the assured and the trustee requesting for cancellation of the existing policy under MWP and issue of fresh one under MWP for new beneficiaries. 5255 By life assured and trustees Declaration by life assured and the beneficiaries for surrender of policy where special trustee is not appointed. 5256 By life assured Form of request for cancellation of existing ordinary policy and issue of a fresh one in lieu of old one under MWP act. 5258 On policy document Endorsement to be place for f. no 5256 where ordinary policy is cancelled and issued under MWP in lieu of old One 5259 On policy document Endorsement to be place for where existing MWP policy is cancelled and issued under MWP
Page 1 and 2: 2017 MARRIED WOMEN PROPERTY ACT- 36
Page 3 and 4: CA is an expert in accounting and t
Page 5 and 6: An easy way around this dilemma is
Page 7 and 8: Taxation: This is another aspect th
Page 9 and 10: will, married women can share/part
Page 11 and 12: 3. Transparency: According to news
Page 13 and 14: Children deferred assurance plans a
Page 15 and 16: Special trustee may be an individua
Page 17 and 18: The beneficiary if major and compet
Page 19: 15) DIVORCE OF WIFE AFTER ISSUE OF
Page 23 and 24: Damodar K. Shah vs Cit on 10 Novemb
Page 25 and 26: Women's Property Act of 1882. Secti
Page 38: Just by knowing MWP is not enough o
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Frequently Ask Question
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Answer-Kindly note that assigning o
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QUICK RECAP OF MWAP
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Married Women Property Act-360 Degree Protection By.Pradeep Patil

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